Tiny communities may be a housing savior

The Future. Escape Tampa Bay Village, an in-the-works community of four neighborhoods, is a big step forward for normalizing tiny homes. As these types of areas begin to grow in both size and demand, younger buyers may finally be able to start building wealth through owning a home… for roughly the same price they would pay for rent in any typical metro.

Small space, big gains
One of Escape Tampa Bay Village’s neighborhoods, The Oaks, comprises 33 homes all under 400 square feet.

• The entire neighborhood nearly sold out within two months, with the units going for between $95,000 and $160,000.
• The homes, which contain all the amenities of a regular-sized house and can sleep up to four people, also include an outdoor deck, yard space, and driveway.
• The units are also on wheels, so they can be moved… but don’t even think about putting them up on short-term rental platforms like Airbnb and Vrbo.
• Additionally, the neighborhood has community amenities, such as a pool, office space, and extra storage.

Jeff Kruth and Murali Paranandi, architecture professors at Miami University, said these types of homes — accessory dwelling units or “granny flats” — could be a transformative opportunity for the “missing middle” to finally be able to afford housing again.

It sounds like the millennial American dream come true.